Asteron Life has released new level premium options for its SmartLife, Personal Insurance and Business Insurance life cover customers.
In addition to the existing ‘level to 70’ and ‘level to 80’ options, customers can now select level premiums to ages 50, 60, 65, 75 and 100.
The insurer noted the maximum entry age for selecting level to 70 and level to 80 premiums is also rising.
Executive Manager Life Distribution, Graham Hill, confirmed the changes will be available to advisers in Asteron Life’s systems from 11 February 2019.
He said they had seen a 30 percent uptake of level premiums from customers with life insurance in 2018.
“We know that there is real demand for the certainty that level premiums can offer our customers,” said Hill.
“Adding more level options will give advisers greater flexibility to design a package of insurance that will meet customers’ needs.”
Hill explained that the new level premium options will give customers the ability to parcel their life cover into a mix of different stepped and level options, building more sustainable cover for the long term.
He added the options will enable customers to link their cover to debt, dependencies or use it as part of their estate planning.
“We think offering more level premium options helps our customers to use insurance as part of a long-term financial plan and deliver better financial outcomes for them,” said Hill.
For customers taking a level to 100 option, Asteron Life offers the added benefit that if they reach 100, their premiums will cease but the insurance will stay in place, meaning they will get paid the full amount of cover on death over 100 years.